Senate confirms Massad as new CFTC chairman

Bowen’s confirmation was opposed by 42 Republicans and four senators who caucus with the Democrats, including Vermont Independent Bernie Sanders.

“We need regulators who will have the courage to stop the largest Wall Street banks in this country from driving up oil prices in the energy futures market,” Sanders said in a statement after the vote. “After reviewing her record and those of two other nominees, I am afraid that none of them will make sure that the price of gasoline and heating oil is based on supply and demand and not Wall Street greed.”

Stanford Victims

Some senators, including Louisiana Republican David Vitter, opposed Bowen’s confirmation because of her role overseeing the Securities Investor Protection Corp., an industry-funded panel that ruled against compensating victims of the R. Allen Stanford Ponzi scheme.

“After Stanford victims were ripped off through that fraudulent Ponzi scheme, Sharon Bowen ripped them off again by refusing to take action at SIPC,” Vitter said in a statement after Bowen’s confirmation. “And today she was rewarded for that with a promotion.”